The following Corporate Q&A provides comprehensive and up to date legal information covering:
The following are useful in interpreting the persons discharging managerial responsibility (PDMR) notification provisions of the Market Abuse Regulation (EU) No 596/2014 (Market Abuse Regulation):
Article 19 of the Market Abuse Regulation
Commission Delegated Regulation (EU) 2016/522 which covers certain detailed aspects of the Market Abuse Regulation and lays down rules with regard to (among other things) types of transactions triggering the duty to notify managers’ transactions
Benchmark Regulation (EU) 2016/1011
City of London Law Society and Law Society Company Law Committees’ Joint Working Parties on Market Abuse, Share Plans and Takeovers Code Company Law Committee Market Abuse Regulation Q&As (Law Society Market Abuse Regulation Q&As)
ESMA Final Report: technical advice on possible delegated acts concerning the Market Abuse Regulation, 3 February 2015
ESMA Q&As on the Market Abuse Regulation, 14 December 2017
Whether a notification is required by a PDMR depends on whether a ‘transaction’ has occurred as envisaged by Article 19(1) of the Market Abuse Regulation. Article 19(1) of the Market Abuse Regulation provides that PDMRs and persons closely associated with them (PCAs):
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